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| þ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|--------|-----------------------------------------------------------------------------------------|

| o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|------------------------------------------------------------------------------------------|

| Delaware                                                      |   | 26-0755102                           |
|---------------------------------------------------------------|--------|--------------------------------------|
| (State or other jurisdiction ofincorporation or organization) |   | (I.R.S. Employer Identification No.) |

| Large accelerated filer      | o                                                                | Accelerated filer         | o      |
|-----------------------------------|------------------------------------------------------------------|---------------------------|--------|
| Non-accelerated filer   | o   (Do not check if a smaller reporting company) | Smaller reporting company | þ |

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|                |                                                                                                        |   | PAGE   |   |
|---------------------|-------------------------------------------------------------------------------------------------------------|--------|--------|--------|
|                | PART I.    FINANCIAL INFORMATION                                                        |   |   |   |
|                |                                                                                                        |   |   |   |
| Item 1.             | Unaudited Condensed Consolidated Financial Statements                                                       |   |   |   |   |
|                | Condensed Consolidated Balance Sheets at June 30, 2010 and March 31, 2011                                   |   |   | 3      |   |
|                | Condensed Consolidated Statements of Operations for the Three and Nine Months Ended March 31, 2010 and 2011 |   |   | 4      |   |
|                | Condensed Consolidated Statement of Stockholders’ Deficit for the Nine Months Ended March 31, 2011    |   |   | 5      |   |
|                | Condensed Consolidated Statements of Cash Flows for the Nine Months Ended March 31, 2010 and 2011           |   |   | 6      |   |
|                | Notes to Condensed Consolidated Financial Statements                                                        |   |   | 7      |   |
|                |                                                                                                        |   |   |   |   |
| Item 2.        | Management’s Discussion and Analysis of Financial Condition and Results of  Operations           |   |   | 14     |   |
|                |                                                                                                        |   |   |   |   |
| Item 3.             | Quantitative and Qualitative Disclosures About Market Risk                                                  |   |   | 21     |   |
|                |                                                                                                        |   |   |   |   |
| Item 4.             | Controls and Procedures                                                                                     |   |   | 21     |   |
|                |                                                                                                        |   |   |   |   |
|                | PART II.   OTHER INFORMATION                                                                 |   |   |   |   |
|                |                                                                                                        |   |   |   |   |
| Item 1.        | Legal Proceedings                                                                                           |   |   | 22     |   |
|                |                                                                                                        |   |   |   |   |
| Item 1A.            | Risk Factors                                                                                           |   |   | 22     |   |
|                |                                                                                                        |   |   |   |   |
| Item 2.   | Unregistered Sales of Equity Securities and Use of Proceeds                                                 |   |   | 22     |   |
|                |                                                                                                        |   |   |   |   |
| Item 6.        | Exhibits                                                                                                    |   |   | 23     |   |
|                |                                                                                                        |   |   |   |   |
| SIGNATURES     |                                                                                                        |   | 24     |   |

----

|                                                                                                                                                                     |   | June 30, 2010 |    |   | March 31, 2011 |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|---------|--------|----------------|--------|
| ASSETS                                                                                                                                                                   |   |
| Current assets:                                                                                                                                                          |   |          |    |   |           |   |
| Cash                                                                                                                                                                     |   | $             | 1,360   |   |           | $      | 1,594 |   |
| Trade receivables, less allowance of $45 and $30                                                                                                                         |   |          | 419     |   |           |   | 1,070 |   |
| Inventories                                                                                                                                                              |   |          | 1,788   |   |           |   | 1,039 |   |
| Prepaid expenses and other current assets                                                                                                                                |   |          | 183     |   |           |   | 373 |   |
|                       Total current assets                 |   |          | 3,750   |   |           |   | 4,076 |   |
|                                                                                                                                                                     |   |          |    |   |           |   |   |   |
| Property and equipment, net                                                                                                                                              |   |          | 82      |   |           |   | 63 |   |
| Intangibles, net                                                                                                                                                         |   |          | 1,670   |   |           |   | 1,396 |   |
|                                                                                                                                                                     |   | $             | 5,502   |   |           | $      | 5,535 |   |
|                                                                                                                                                                     |   |          |    |   |           |   |   |   |
| LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)                                                                                                                           |   |
| Current liabilities:                                                                                                                                                     |   |          |    |   |           |   |   |   |
| Accounts payable                                                                                                                                                         |   | $             | 1,679   |   |           | $      | 3,518 |   |
| Accrued expenses                                                                                                                                                         |   |          | 1,093   |   |           |   | 1,302 |   |
| Deferred revenue, related party                                                                                                                                          |   |          | 407     |   |           |   | 578 |   |
| Notes payable                                                                                                                                                            |   |          | 200     |   |           |   | 140 |   |
|                       Total current liabilities            |   |          | 3,379   |   |           |   | 5,538 |   |
|                                                                                                                                                                     |   |          |    |   |           |   |   |   |
| Commitments and contingencies                                                                                                                                            |   |          |    |   |           |   |   |   |
|                                                                                                                                                                     |   |          |    |   |           |   |   |   |
| Stockholders’ equity (deficit)                                                                                                                                     |   |          |    |   |           |   |   |   |
| Common stock, $0.001 par value, 300,000,000 shares authorized, 140,018,153 and 148,855,096 shares issued and outstanding                                                 |   |          | 140     |   |           |   | 149 |   |
| Additional paid-in capital                                                                                                                                               |   |          | 47,221  |   |           |   | 54,371 |   |
| Accumulated deficit                                                                                                                                                      |   |          | (45,238 | )      |           |   | (54,523 | ) |
|                       Total stockholders' equity (deficit) |   |          | 2,123   |   |           |   | (3 | ) |
|                                                                                                                                                                     |   | $             | 5,502   |   |           | $      | 5,535 |   |

----

|                                                                                                                             |   | Three Months |        |   | Three Months |   |        | Nine Months |   |   | Nine Months |   |
|----------------------------------------------------------------------------------------------------------------------------------|--------|--------------|-------------|--------|--------------|--------|-------------|-------------|--------|--------|-------------|--------|
|                                                                                                                             |   | Ended        |        |   | Ended        |   |        | Ended       |   |   | Ended       |   |
|                                                                                                                             |   | March 31     |        |   | March 31     |   |        | March 31    |   |   | March 31    |   |
|                                                                                                                             |   | 2010         |        |   | 2011         |   |        | 2010        |   |   | 2011        |   |
|                                                                                                                             |   |         |        |   |         |   |        |        |   |   |        |   |
| Net sales                                                                                                                        |   | $            | 646         |   |         | $      | 2,577       |        |   | $      | 1,512       |   |   | $ | 3,716 |   |
|                                                                                                                             |   |         |        |   |         |   |        |        |   |   |        |   |   |   |   |   |
| Operating expense:                                                                                                               |   |         |        |   |         |   |        |        |   |   |        |   |   |   |   |   |
| Cost of sales (exclusive of depreciation and amortization)                                                                       |   |         | 541         |   |         |   | 2,099       |        |   |   | 1,269       |   |   |   | 3,061 |   |
| Selling, general and administrative expenses, including stock-based compensation of $923 $1,001, $2,743 and $3,141, respectively |   |         | 2,884       |   |         |   | 2,344       |        |   |   | 7,430       |   |   |   | 7,116 |   |
| Impairment of supplier assets                                                                                                    |   |         | 243         |   |         |   | -           |        |   |   | 1,546       |   |   |   | - |   |
|                                                                                                                             |   |         |        |   |         |   |        |        |   |   |        |   |   |   |   |   |
| Depreciation and amortization                                                                                                    |   |         | 96          |   |         |   | 96          |        |   |   | 338         |   |   |   | 293 |   |
|                                                                                                                             |   |         | 3,764       |   |         |   | 4,539       |        |   |   | 10,583      |   |   |   | 10,470 |   |
|                                                                                                                             |   |         |        |   |         |   |        |        |   |   |        |   |   |   |   |   |
| Loss from operations                                                                                                             |   |         | (3,118      | )      |         |   | (1,962      | )           |   |   | (9,071      | )      |   |   | (6,754 | ) |
|                                                                                                                             |   |         |        |   |         |   |        |        |   |   |        |   |   |   |   |   |
| Settlement and legal charges                                                                                                     |   |         | (143        | )      |         |   | (2,067      | )           |   |   | (251        | )      |   |   | (2,525 | ) |
| Interest expense, net                                                                                                            |   |         | (23         | )      |         |   | (2          | )           |   |   | (35         | )      |   |   | (6 | ) |
|                                                                                                                             |   |         |        |   |         |   |        |        |   |   |        |   |   |   |   |   |
| Net loss                                                                                                                         |   | $            | (3,284      | )      |         | $      | (4,031      | )           |   | $      | (9,357      | )      |   | $ | (9,285 | ) |
|                                                                                                                             |   |         |        |   |         |   |        |        |   |   |        |   |   |   |   |   |
| Basic and diluted loss per share                                                                                                 |   | $            | (0.03       | )      |         | $      | (0.03       | )           |   | $      | (0.09       | )      |   | $ | (0.07 | ) |
|                                                                                                                             |   |         |        |   |         |   |        |        |   |   |        |   |   |   |   |   |
| Basic and diluted weighted average shares outstanding                                                                            |   |         | 127,246,671 |   |         |   | 137,954,221 |        |   |   | 107,965,523 |   |   |   | 137,571,219 |   |

----

|                                                |   |         |        |   | Additional |   |   |        |   |   |    |   |
|-----------------------------------------------------|--------|--------------|-------------|--------|------------|--------|--------|-------------|--------|--------|---------|--------|
|                                                |   | Common Stock |        |   | Paid       |   |   | Accumulated |   |   |    |   |
|                                                |   | Shares       |        |   | Amount     |   |   | In Capital  |   |   | Deficit |   |   | Total |   |
|                                                |   |         |        |   |       |   |   |        |   |   |    |   |   |   |   |
| Balance at June 30, 2010                            |   |         | 140,018,153 |   |       | $      | 140    |        |   | $      | 47,221  |   |   | $ | (45,238 | ) |   | $ | 2,123 |   |
| Private placement of common stock                   |   |         | 10,562,643  |   |       |   | 11     |        |   |   | 2,330   |   |   |   | - |   |   |   | 2,341 |   |
| Share exchange                                      |   |         | (6,000,000  | )      |       |   | (6     | )           |   |   | 6       |   |   |   | - |   |   |   | - |   |
| Commitment shares for financing                     |   |         | 574,300     |   |       |   | 1      |        |   |   | 241     |   |   |   | - |   |   |   | 242 |   |
| Shares issued in settlement of Zuckerman litigation |   |         | 3,500,000   |   |       |   | 3      |        |   |   | 1,432   |   |   |   |   |   |   |   | 1,435 |   |
| Stock-based compensation expense                    |   |         | 200,000     |   |       |   | -      |        |   |   | 3,141   |   |   |   | - |   |   |   | 3,141 |   |
| Net loss                                            |   |         | -           |   |       |   | -      |        |   |   | -       |   |   |   | (9,285 | ) |   |   | (9,285 | ) |
| Balance at March 31, 2011                           |   |         | 148,855,096 |   |       | $      | 149    |        |   | $      | 54,371  |   |   | $ | (54,523 | ) |   | $ | (3 | ) |

----

|   |
|--------|
|   |

|                                                                        |   | Nine Months Ended March 31, |   |
|-----------------------------------------------------------------------------|--------|-----------------------------|--------|
|                                                                        |   | 2010                        |   |   | 2011 |   |
| Cash flows from operating activities                                        |   |                        |   |   |   |   |
| Net loss                                                                    |   | $                           | (9,357 | ) |   | $ | (9,285 | ) |
| Adjustments to reconcile net loss to net cash used in operating activities: |   |                        |   |   |   |   |   |   |
| Depreciation and amortization                                               |   |                        | 338    |   |   |   | 293 |   |
| Shares issued in settlement of Zuckerman litigation                         |   |                        | -      |   |   |   | 1,435 |   |
| Stock-based compensation expense                                            |   |                        | 2,743  |   |   |   | 3,141 |   |
| Allowance for accounts receivable                                           |   |                        | -      |   |   |   | 7 |   |
| Impairment of intangibles                                                   |   |                        | 20     |   |   |   | - |   |
| Impairment of supplier assets                                               |   |                        | 1,546  |   |   |   | - |   |
| Changes in assets and liabilities:                                          |   |                        |   |   |   |   |   |   |
| Accounts receivable                                                         |   |                        | 25     |   |   |   | (658 | ) |
| Inventories                                                                 |   |                        | (173   | ) |   |   | 749 |   |
| Prepaid expenses and other current assets                                   |   |                        | 29     |   |   |   | 52 |   |
| Accounts payable                                                            |   |                        | (623   | ) |   |   | 1,839 |   |
| Accrued expenses                                                            |   |                        | 236    |   |   |   | 209 |   |
| Deferred revenue                                                            |   |                        | (268   | ) |   |   | 171 |   |
| Net Cash Used in Operating Activities                                       |   |                        | (5,484 | ) |   |   | (2,047 | ) |
|                                                                        |   |                        |   |   |   |   |   |   |
| Cash flows from investing activities                                        |   |                        |   |   |   |   |   |   |
| Acquisition of equipment                                                    |   |                        | (21    | ) |   |   | - |   |
|                                                                        |   |                        |   |   |   |   |   |   |
| Cash flows from financing activities                                        |   |                        |   |   |   |   |   |   |
| Proceeds from issuance of common stock, net of issuance costs          |   |                        | 7,408  |   |   |   | 2,341 |   |
| Proceeds from notes payable, related party                                  |   |                        | 10     |   |   |   | - |   |
| Repayment of notes payable                                                  |   |                        | (424   | ) |   |   | (60 | ) |
|                                                                        |   |                        |   |   |   |   |   |   |
| Net Cash Provided by Financing Activities                                   |   |                        | 6,994  |   |   |   | 2,281 |   |
|                                                                        |   |                        |   |   |   |   |   |   |
| Net increase in cash                                                        |   |                        | 1,489  |   |   |   | 234 |   |
| Cash - Beginning of period                                                  |   |                        | 697    |   |   |   | 1,360 |   |
| Cash - End of period                                                        |   | $                           | 2,186  |   |   | $ | 1,594 |   |
|                                                                        |   |                        |   |   |   |   |   |   |
| Supplemental cash flow disclosures                                          |   |                        |   |   |   |   |   |   |
| Interest payments                                                           |   | $                           | -      |   |   | $ | - |   |
| Income taxes paid                                                           |   | $                           | -      |   |   | $ | 6 |   |
|                                                                        |   |                        |   |   |   |   |   |   |
| Supplemental information from non-cash investing and financing activities   |   |                        |   |   |   |   |   |   |
|                                                                        |   |                        |   |   |   |   |   |   |
| Conversion of debt to equity                                                |   | $                           | 1,600  |   |   | $ | - |   |
| Commitment shares for financing activity                                    |   | $                           | -      |   |   | $ | 242 |   |

----

| 1. | SUMMARY OF BUSINESS AND BASIS FOR PRESENTATION |
|----|------------------------------------------------|

|   | Organization and BusinessGreen Earth Technologies, Inc. and its wholly-owned subsidiary, GET Manufacturing, Inc., were formed on August 7, 2007 under the laws of the state of Delaware (collectively, the “Company”).  The Company, markets, sells and distributes bio-degradable performance and cleaning products.  The Company’s product line crosses multiple industries including the automotive aftermarket, marine and outdoor power equipment markets. The Company sells to home centers, mass retail outlets, automotive stores, equipment manufacturers and over the Internet. Basis of PresentationThe accompanying unaudited condensed consolidated financial statements include the accounts of the Company.  All significant intercompany balances and transactions have been eliminated in consolidation. The condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) and reflect all adjustments (consisting of normal recurring adjustments unless otherwise indicated) which, in the opinion of management, are necessary for a fair presentation of the results for the interim periods presented. Certain information in footnote disclosures normally included in financial statements prepared in conformity with accounting principles generally accepted in the United States of America has been condensed or omitted pursuant to such principles and the financial results for the periods presented may not be indicative of the full year’s results, although the Company believes the disclosures are adequate to make the information presented not misleading. These financial statements should be read in conjunction with the Company’s audited financial statements and the notes thereto for the fiscal year ended June 30, 2010 included in the Company’s Annual Report on Form 10K filed in September 2010.Significant Accounting Policies There have been no material changes during 2011 in the Company’s significant accounting policies to those  previously disclosed in the 2010 Form 10-K.Liquidity and Going ConcernDue to the Company’s limited capital, recurring losses and negative cash flows from operations, and the Company’s limited ability to pay outstanding liabilities, there is substantial doubt about its ability to continue as a going concern. These condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles assuming that the Company will continue as a going concern. As reflected in the accompanying consolidated financial statements, the Company had a net loss of $9,285 and net cash used in operations of $2,047 for the nine months ended March 31, 2011 and had a working capital deficit of $1,462 and stockholders’ deficit of $3 at March 31, 2011.  The Company has relied upon cash from financing activities and advances from a related party to fund its ongoing operations as it has not been able to generate sufficient cash from operating activities in the past and there is no assurance that it will be able to do so in the future. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | The Company cannot predict how long it will continue to incur further losses or whether it will ever become profitable, or if its business will improve.  The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the outcome of this uncertainty.  The Company must increase revenues in order to reduce, or eliminate, its operating losses.  Additionally, the Company needs additional capital in order to enable it to continue to meet its financial obligations until it achieves profitability.  There can be no assurance that the Company will be able to raise additional capital, whether from the sale of equity, debt or convertible securities or otherwise, on favorable terms, or at all. Failure to obtain sufficient financing would have a substantial adverse effect on the Company’s business, operations and financial condition. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | SETTLEMENT AND LEGAL CHARGES |
|----|------------------------------|

|   | The Company was the party defendant in action titled Mathew Zuckerman et. al. v. Green Earth Technologies, Inc. et. al. (the “Zuckerman Case”), filed in November 2009.  On March 30, 2011, the United States District Court for the Central District of California issued an order settling the Zuckerman Case. Pursuant to the terms of the settlement, the Company paid the plaintiffs the sum of $100 and issued 3,500,000 shares of its common stock to the plaintiffs.  The Company recorded a charge of $1,435 related to the shares based on a closing price of $0.41 on the date of issuance.  In connection with the Zuckerman Case, the Company incurred legal charges of $143 and $532 for the quarters ended March 31, 2010 and 2011, respectively, and $251 and $990 for the nine months ended March 31, 2010 and 2011, respectively. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | INVENTORIES |
|----|-------------|

|   | Inventories consist of the following: |
|--------|---------------------------------------|

|           |   | June 30, 2010 |   |   | March 31, 2011 |   |
|----------------|--------|---------------|--------|--------|----------------|--------|
| Raw materials  |   | $             | 1,377  |   |           | $      | 620 |   |
| Finished goods |   |          | 411    |   |           |   | 419 |   |
|           |   | $             | 1,788  |   |           | $      | 1,039 |   |

|   | Inventories are presented net of reserves of $770 and $557 at June 30, 2010 and March 31, 2011, respectively. |
|--------|---------------------------------------------------------------------------------------------------------------|

| 4. | ACCRUED EXPENSES |
|----|------------------|

|   | Accrued liabilities consist of the following: |
|--------|-----------------------------------------------|

|                           |   | June 30, 2010 |      |   | March 31, 2011 |   |
|--------------------------------|--------|---------------|-----------|--------|----------------|--------|
| Accrued payroll and taxes      |   | $             | 643       |   |           | $      | 657 |   |
| Accrued interest               |   |          | 220       |   |           |   | 227 |   |
| Accrued board of director fees |   |          | 103       |   |           |   | 128 |   |
| Other                          |   |          |  127 |   |           |   | 290 |   |
| Total                          |   | $             | 1,093     |   |           | $      | 1,302 |   |

----

| 5. | NOTES PAYABLE |
|----|---------------|

|   | The note payable consists of a secured note dated December 28, 2007, as amended which is held by a former officer of the Company.  In April 2011, the note was extended to December 31, 2011 and the interest rate was changed to the Wall Street Journal Prime Rate (currently 3.25%) to be adjusted at the beginning of each month effective April 1, 2011.  As of June 30, 2010 and March 31, 2011, the balance due was $200 and $140, respectively, plus accrued interest of $220 and $227, respectively. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6. | STOCKHOLDERS DEFICIT |
|----|----------------------|

|   | Private PlacementsFrom July 1, 2010 through March 31, 2011, the Company issued 10,563,000 shares of common stock for gross proceeds of $2,341 in private placement transactions.Restricted StockIn December 2010, the Company granted stock options covering 4,000,000 shares of the Company’s common stock, vesting on January 5, 2011 to the Company’s Chief Executive Officer upon his forfeiture of 4,000,000 unvested restricted shares of the Company’s common stock that was due to him.  The Company accounted for this exchange as a type I modification of a share-based award.  The Company assessed the fair value of the awards on the modification date and determined that no incremental value was present and therefore no additional compensation expense was recorded.Share ExchangeIn September 2010, the Company exchanged stock options covering 6,000,000 shares of the Company’s common stock, vesting immediately to the Company’s Chief Executive Officer upon his forfeiture of 6,000,000 restricted shares of the Company’s common stock previously issued to him.  The Company accounted for this exchange as a type I modification of a share-based award.  The Company assessed the fair value of the awards on the modification date and determined that no incremental value was present and therefore no additional compensation expense was recorded.Stock OptionsCommon stock available for future equity awards under the 2008 Employee Stock Award and Incentive Plan, as amended (the “2008 Plan”), is 40,000,000 shares as of March 31, 2011. Under the 2008 Plan, stock option grants may be exercised for a period up to ten years from the date of grant. Option awards are granted with an exercise price equal to the market price of the Company’s stock on the date of grant and generally vest over three years. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | Option activity for the nine months ended March 31, 2011 is as follows: |
|--------|-------------------------------------------------------------------------|

|                          |   | Number of Options |       |   | Weighted Average Exercise Price |   | Weighted Average Remaining Contractual Term |   | Aggregate Intrinsic Value |   |
|-------------------------------|--------|-------------------|------------|--------|---------------------------------|--------|---------------------------------------------|--------|---------------------------|--------|
| Outstanding at June 30, 2010  |   |              | 8,436,250  |   |                            | $      | 0.43                                        |   | 9.0 years                 |   |   |   |   |
| Granted                       |   |              | 11,035,000 |   |                            | $      | 0.36                                        |   |                      |   |   |   |   |
| Share Exchange                |   |              | 6,000,000  |   |                            | $      | 0.39                                        |   |                      |   |   |   |   |
| Exercised                     |   |              | -0-        |   |                            |   |                                        |   |                      |   |   |   |   |
| Forfeited and Cancelled       |   |              | (812,500   | )      |                            | $      | 0.49                                        |   |                      |   |   |   |   |
| Outstanding at March 31, 2011 |   |              | 24,658,750 |   |                            | $      | 0.39                                        |   | 9.2 years                 |   | $ | 353 |   |
| Exercisable at March 31, 2011 |   |              | 12,541,250 |   |                            | $      | 0.37                                        |   | 9.3 years                 |   | $ | 384 |   |

|   | The aggregate intrinsic value represents the difference between the exercise price of the underlying awards and the market price of the Company’s common stock for those awards that have an exercise price below the market price at March 31, 2011.The fair value of each time-based option award is estimated on the date of grant using a Black-Scholes option pricing model with the following assumptions: |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                            |   | For the Period EndedMarch 31, 2010 |   |   | For the Period EndedMarch 31, 2011 |   |
|---------------------------------|--------|----------------------------------------------|--------|--------|-----------------------------------------|--------|
| Average expected life (years)   |   |                                         | 6.0    |   |                                    |   | 6.0 |   |
| Average risk free interest rate |   |                                         | 3.3    | %      |                                    |   | 3.3 | % |
| Expected volatility             |   |                                         | 201    | %      |                                    |   | 226 | % |
| Expected dividend rate          |   |                                         | 0      | %      |                                    |   | 0 | % |
| Expected forfeiture rate        |   |                                         | 5      | %      |                                    |   | 5 | % |

|   | Unrecognized compensation expense of $5,439 is expected to be recorded over the next 1.8 years. At March 31, 2011, 15,341,250 shares are available for grant under the 2008 Plan. Warrants The Company did not issue any warrants for the nine months ended March 31, 2011. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                          |   | Number of Warrants |   |   | Weighted Average Exercise Price |   | Weighted Average Remaining Contractual Term |      |   | Aggregate Intrinsic Value |
|-----------------------------------------------|--------|--------------------|--------|--------|---------------------------------|--------|--------------------------------------------------|-----------|--------|---------------------------|
| Outstanding at June 30, 2010                  |   | 7,689,722          |   | $      | 0.28                            |   |                                             |      |   |                      |   |   |
| Granted                                       |   | -0-                |   |   |                            |   |                                             |      |   |                      |   |   |
| Exercised                                     |   | -0-                |   |   |                            |   |                                             |      |   |                      |   |   |
| Outstanding and exercisable at March 31, 2011 |   | 7,689,722          |   | $      | 0.28                            |   |                                             | 1.7 years |   | $                         | 872 |    |

----

|   | Other Uses – Common StockIn July 2010, the Company issued 200,000 shares to pay a consulting firm for services rendered.  The value of the shares in connection with this transaction totaled $106.Commitment SharesOn March 7, 2011, the Company signed a $15 million Purchase Agreement with Lincoln Park Capital Fund, LLC (“LPC”), an accredited investor.  At the Company’s sole discretion, over a 30-month period beginning on the effective date of the registration statement covering the sale of those shares, the Company can sell shares of common stock to LPC in amounts up to $50,000 per sale, subject to the satisfaction of certain conditions as set forth in the Purchase Agreement, up to the aggregate commitment of $15 million.  In consideration for entering into the Purchase Agreement, the Company issued to LPC 574,300 shares of common stock as a commitment fee and will issue up to an additional 574,300 shares, when and if, LPC purchases at the Company’s discretion the first $10 million of the $15 million aggregate commitment.  The Purchase Agreement may be terminated by the Company at any time without any cost to the Company. The Company recorded the initial issuance of shares (574,300 valued at $0.42 per share) to LPC as a deferred charge included in prepaid and other current assets.  |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.  | COMMITMENTS AND CONTINGENCIES |
|----------|-------------------------------|

|   | Zuckerman CaseOn March 30, 2011, the United States District Court for the Central District of California issued an order settling the Zuckerman Case.  The terms of the settlement are as follows: |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.   | The Company paid the plaintiffs the sum of $100. |
|----------------|--------------------------------------------------|

| 2.   | The Company issued 3,500,000 shares of its common stock (the “Settlement Shares”) to plaintiffs. |
|----------------|--------------------------------------------------------------------------------------------------------------|

| 3.   | The Company must register the Settlement Shares on any registration statement filed after March 30, 2011.  On April 12, 2011 the Company filed a registration statement on form S-1 with the U.S. Securities and Exchange Commission registering these shares.  The registration statement was declared effective on May 12, 2011. |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.   | The certificates evidencing the Settlement Shares will bear a legend that they have not been registered under the Securities Act of 1933 and that any sales of the Settlement Shares must be made pursuant to an effective registration statement or an exemption from registration. |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.   | On or after September 5, 2011, the Company will use their best efforts to obtain an opinion of counsel of their choosing, that the legend referred to in paragraph 4 above may be removed from the certificates and that once the Company obtains such an opinion the Company will instruct their transfer agent to remove such legend. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.   | Once the Settlement Shares become tradable, plaintiffs may not trade on the market in any one week more than 10% of the Company stock’s sales volume in the previous week’s sales. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.   | Other than the obligations contained in the terms of the settlement, the parties mutually released each other and their officers and directors from all claims and liabilities. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.   | The Company also released Alkane, Inc. and its officer and directors from all claims relating to or arising from any of the claims or counterclaims asserted in this action.  Zuckerman is an officer and a director of Alkane. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 8. | RELATED PARTY TRANSACTIONS |
|----|----------------------------|

|   | InventekIn February 2008, the Company entered into an agreement with Inventek under which Inventek granted the Company a royalty-free license and exclusivity rights to market, sell and distribute cleaning products. Inventek is owned by Yasmin Andrecola, whose husband Paul Andrecola, beneficially owns approximately 6.1% of the Company’s stock as of March 31, 2011.  Under the terms of the agreement, Inventek and the Company agreed to combine resources and work together collectively to formulate and manufacture products to be sold under the Company’s brand names.  The Company purchased inventory from Inventek totaling $369 and $166 for the three months ended March 31, 2010 and 2011, respectively and $562 and $320 for the nine months ended March 31, 2010 and 2011, respectively.   As of June 30, 2010 and March 31, 2011, there was a receivable, included in prepaid expenses and current assets, due from Inventek for returned inventory of $48 and $26, respectively.MarketiquetteIn July 2007, the Company entered into a services agreement, as amended, with Marketiquette which is owned and operated by Jeffrey Loch, the Company’s President, Chief Marketing Officer and one of its directors, and Carol Loch, his wife.  Mr. Loch does not receive any regular cash compensation from the Company for his services as the Company’s President, Chief Marketing Officer and director.  Carol Loch is the sole member of KeysKwest, LLC, which beneficially owns approximately 5.4% of the Company’s outstanding shares as of March 31, 2011.  Under the terms of the services agreement, the Company pays Marketiquette a monthly retainer of $36,000 as well as commissions from 5%-10% based on net sales it generates.  The commissions depend on the customer’s class of trade with a declining maximum scale based on volume.  Marketiquette uses the monthly retainer primarily for employees’ salaries, including four full-time and one part-time employee, and the commissions to primarily pay its sales representatives.  Fees for  services provided by  Marketiquette were $122 and $123 for the three months ended March 31, 2010 and 2011, respectively, and $399 for both the nine months ended March 31, 2010 and 2011, respectively, which are included in selling, general and administrative expenses.  As of June 30, 2010 and March 31, 2011, amounts due to Marketiquette were $76 and $64, respectively. Techtronics Industries, Inc. In December 2008, the Company entered into a five-year worldwide distribution agreement for G-branded products with Techtronics Industries, Inc. (“TTI”). TTI beneficially owns approximately 21.8% of the Company’s outstanding shares as of March 31, 2011.  For three months ended March 31, 2010 and 2011, approximately 85% and 57% of the Company’s revenues, respectively, were earned from sales to TTI and for the nine months ending March 31, 2010 and 2011, approximately 83% and 58% of the Company’s revenues, respectively were earned from sales to TTI.  As of June 30, 2010 and March 31, 2011 there were no amounts due from TTI.  As of June 30, 2010 and March 31, 2011, amounts due to TTI, included in accounts payable, were $234 and $233, respectively.  As of June 30, 2010 and March 31, 2011 advances received from TTI for future sales of cleaning and performance products was $407 and $578, respectively. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 9. | CONCENTRATIONS OF RISK |
|----|------------------------|

|   | Accounts ReceivableThe Company operates as one segment and distributes performance and cleaning products to the entire U.S. market.  The following customers represent the majority of the Company’s sales for the nine months ended: |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                |   | March 31, 2010 |   |   | March 31, 2011 |   |
|---------------------|--------|----------------|--------|--------|----------------|--------|
| Sales               |   |           |   |   |           |   |
| TTI                 |   |           | 83     | %      |           |   | 58 | % |
| Walmart             |   |           | -      |   |           |   | 25 | % |
|                |   | June 30, 2010  |   |   | March 31, 2011 |   |
| Accounts Receivable |   |           |   |   |           |   |   |   |
| Walmart             |   |           | -      |   |           |   | 85 | % |
| Ace Hardware        |   |           | 67     | %      |           |   | 9 | % |
|                |   |           |   |   |           |   |   |   |

|   | InventoryThe Company purchases all of its cleaning products from Inventek, a related party and its performance products from Delta.  The Company’s inventory on hand purchased from Inventek and Delta is as follows: |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                |   | June 30, 2010 |   |   | March 31, 2011 |   |
|---------------------|--------|---------------|--------|--------|----------------|--------|
| Inventory on hand   |   |          |   |   |           |   |
| Inventek            |   | $             | 941    |   |           | $      | 693 |   |
|                |   |          |   |   |           |   |   |   |
| Inventory purchased |   |          |   |   |           |   |   |   |
| Delta               |   |          | -      |   |           | $      | 2,698 |   |
| Inventek            |   | $             | 816    |   |           | $      | 320 |   |

| 10. | SUBSEQUENT EVENTS |
|-----|-------------------|

|   | On April 12, 2011 the Company filed a registration statement on form S-1 with the U.S. Securities and Exchange Commission registering an aggregate of 24,648,600 shares of its common stock, which included the Settlement Shares and the shares reserved for issuance to LPC.  The registration statement was declared effective on May 12, 2011. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

|                  |   | Three Months Ended March 31, |   |
|-----------------------|--------|------------------------------|--------|
|                  |   | 2010                         |   |   | 2011 |   |
|                  |   |                         |   |
| Net sales             |   | $                            | 646    |   |   | $ | 2,577 |   |
| Loss from operations  |   | $                            | (3,118 | ) |   | $ | (1,962 | ) |
| Settlement charges    |   | $                            | (143   | ) |   | $ | (2,067 | ) |
| Interest expense, net |   | $                            | (23    | ) |   | $ | (2 | ) |
| Net loss              |   | $                            | (3,284 | ) |   | $ | (4,031 | ) |

|                 | Three Months Ended March 31, |   |
|----------------------|------------------------------|--------|
|                 | 2010                         |   | 2011 |   |
|                 |                         |   |
| Performance products |                         | $      | 294 |   |   | $ | 2,180 |   |
| Cleaning products    |                         |   | 352 |   |   |   | 397 |   |
| Total                |                         | $      | 646 |   |   | $ | 2,577 |   |
|                 |                         |   |   |   |   |   |   |   |

----

|                                               |   | Three Months Ended March 31, |   |
|----------------------------------------------------|--------|------------------------------|--------|
|                                               |   | 2010                         |   |   | 2011 |   |
|                                               |   |                         |   |
| Salaries                                           |   | $                            | 407    |   |   | $ | 177 |   |
| Stock-based compensation                           |   |                         | 923    |   |   |   | 1,001 |   |
| Selling, marketing, public relations and related   |   |                         | 682    |   |   |   | 684 |   |
| Development, product release and testing           |   |                         | 118    |   |   |   | 151 |   |
| Management and operating fees                      |   |                         | 234    |   |   |   | 92 |   |
| Legal and professional                             |   |                         | 354    |   |   |   | 89 |   |
| Occupancy, communications and all other, net       |   |                         | 166    |   |   |   | 150 |   |
| Total selling, general and administrative expenses |   | $                            | 2,884  |   |   | $ | 2,344 |   |

----

|                  | Nine Months Ended March 31, |   |
|-----------------------|-----------------------------|--------|
|                  |                        | 2010   |   |   | 2011 |   |
|                  |                        |   |
| Net sales             |                        | $      | 1,512 |   |   | $ | 3,716 |   |
| Loss from operations  |                        | $      | (9,071 | ) |   | $ | (6,754 | ) |
| Settlement charges    |                        | $      | (251 | ) |   | $ | (2,525 | ) |
| Interest expense, net |                        | $      | (35 | ) |   | $ | (6 | ) |
| Net loss              |                        | $      | (9,357 | ) |   | $ | (9,285 | ) |

|                 | Nine Months Ended March 31, |   |
|----------------------|-----------------------------|--------|
|                 |                        | 2010   |   |   | 2011 |   |
|                 |                        |   |
| Performance products |                        | $      | 980 |   |   | $ | 2,926 |   |
| Cleaning products    |                        |   | 532 |   |   |   | 790 |   |
| Total                |                        | $      | 1,512 |   |   | $ | 3,716 |   |
|                 |                        |   |   |   |   |   |   |   |

----

|                                               | Nine Months Ended March 31, |   |
|----------------------------------------------------|-----------------------------|--------|
|                                               |                        | 2010   |   |   | 2011 |   |
|                                               |                        |   |
| Salaries                                           |                        | $      | 919 |   |   | $ | 615 |   |
| Stock-based compensation                           |                        |   | 2,743 |   |   |   | 3,141 |   |
| Selling, marketing, public relations and related   |                        |   | 1,695 |   |   |   | 1,893 |   |
| Development, product release and testing           |                        |   | 225 |   |   |   | 431 |   |
| Management and operating fees                      |                        |   | 627 |   |   |   | 291 |   |
| Legal and professional                             |                        |   | 641 |   |   |   | 300 |   |
| Occupancy, communications and all other, net       |                        |   | 580 |   |   |   | 445 |   |
| Total selling, general and administrative expenses |                        | $      | 7,430 |   |   | $ | 7,116 |   |

----

| ●    | the lowest sale price of our common stock on the purchase date; or |
|---------------------------|--------------------------------------------------------------------|

| ●    | the average of the three lowest closing sale prices of our common stock during the 12 consecutive business days prior to the date of a purchase by LPC. |
|---------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------|

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| Type of Obligation |   | Total Obligation |   |   | Amount Due inLess than 1 year |   |
|--------------------|--------|------------------|--------|--------|-------------------------------|--------|
| Facility Lease     |   | $                | 94     |   |                          | $      | 73 |   |

----

----

| ●   | 40,000,000 shares reserved for issuance under our stock option plan, of which 24,658,750 underlie outstanding options at March 31, 2011; and |
|---------------------|----------------------------------------------------------------------------------------------------------------------------------------------|

| ●   | 7,689,722 shares underlying outstanding warrants. |
|---------------------|---------------------------------------------------|

----

| Exhibit Numbers |   | Description                                                                                                                                                                                                             |
|-----------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|            |   |                                                                                                                                                                                                                    |
| 10.1            |   | Form of Purchase Agreement, dated as of March 7, 2011, by and between the Company and  Lincoln Park Capital Fund, LLC (1)                                                                                     |
|            |   |                                                                                                                                                                                                                    |
| 10.2            |   | Form of Registration Rights Agreement, dated as of March 7, 2011, by and between the Company and Lincoln Park Capital Fund, LLC (1)                                                                                     |
|            |   |                                                                                                                                                                                                                    |
| 31.1            |   | Certification of  Chairman and Chief Executive Officer pursuant to Section 302 of the Sarbanes Oxley Act of 2002 *                                                                                                 |
|            |   |                                                                                                                                                                                                                    |
| 31.2            |   | Certification of  Chief Operating Officer and Chief Financial Officer pursuant to Section 302 of the Sarbanes Oxley Act of 2002 *                                                                                  |
|            |   |                                                                                                                                                                                                                    |
| 32.1            |   | Certification of Chairman and Chief Executive Officer and Chief Operating Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002* |

| * | filed herewith(1) Filed as an exhibit to the Company’s Current Report on Form 8-K on March 11, 2011. |
|---|------------------------------------------------------------------------------------------------------------|

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|               | GREEN EARTH TECHNOLOGIES, INC. |                                 |
|--------------------|--------------------------------|--------------------------------------|
|               |                           |                                 |   |
| Date: May 12, 2011 | By:                            | /s/ William J. Marshall              |   |
|               | Name:                     | William J. Marshall                  |   |
|               | Title:                         | Chairman and Chief Executive Officer |   |
|               |                           | (Principal Executive Officer)        |   |

| Date: May 12, 2011 | By:         | /s/ Greg D. Adams                                   |   |
|--------------------|-------------|-----------------------------------------------------|--------|
|               | Name:  | Greg D. Adams                                       |   |
|               | Title:      | Chief Operating Officer and Chief Financial Officer |   |
|               |        | (Principal Financial Officer)                       |   |